On Thursday, Jan. 15, the Swiss National Bank abruptly dropped its efforts to cap the exchange rate of 1.2 Swiss francs per euro. The franc immediately appreciated by 17 percent, causing chaos in the currency markets.

Several currency brokers, as of the time of this writing, are facing gigantic losses and some even liquidation. [...]

Under most circumstances, a return to normalcy would be welcome news. “Normal” usually beats the alternative. But current economic circumstances aren’t like most others.

In December 2008, with the global financial system teetering on the brink of meltdown, the Federal Reserve Board slashed benchmark interest rates to virtually zero, where they’ve remained ever since. [...]

Print your own U.S. dollars and the Secret Service will come after you. The laws of physics will stop you from turning lead into gold. But you can safely mint your own “bitcoins,” a cyber-gold currency that lies beyond government control.

In 2009 the pseudonymous Satoshi Nakamot released protocols for an online currency called [...]